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Yesterday, Coinbase held its annual Crypto Summit. There were a lot of announcements to unpack, especially when we were talking about consumers.
I would like to focus on what was said from the chat between Brett Tejpaul and BlackRock COO Rob Goldstein.
He didn't give a timeline (BlackRock says he's been studying Crypto since roughly 2017), but BlackRock said he saw “an incredible utility when it comes to Stablecoins.”
“And… we saw the real requirements to manage that the underlying assets are not something like money market funds, but something like money market funds,” he added.
The other foot of that strategy was all about access, Goldstein said, which comes with the IBit. He said IBIT aims to become a “bridge strategy” designed to allow people to touch Bitcoin without buying Bitcoin itself, even before its success.
“An interesting fact about IBIT is that of the 25 biggest ETFs in the world, the youngest, is 12 years old, except for IBIT. Ibit is 18 months ago,” he said.
Then you have Buidl…and, well, it seems like BlackRock has run their hands so far, when it comes to success as a bridge.
However, Goldstein noted that parts of the financial system are ripe for innovation. In fact, I think we all agree.
